AZ chief urges changes to Australian benefits scheme
Sir Tom McKillop, ceo pf AstraZeneca, claims that international investment in the A$12bn Australian pharmaceutical industry may be at risk unless the pharmaceutical benefits scheme is streamlined.
Sir Tom McKillop, ceo pf AstraZeneca, claims that international investment in the A$12bn Australian pharmaceutical industry may be at risk unless the pharmaceutical benefits scheme is streamlined.
He said that AstraZeneca had increased its Australian r&d spending to A$22m a year. However, the cost focus of the pharmaceutical benefits system and cost shifting between federal and state governments was making Australia less attractive than lower-cost producers such as China and India.
'If Australia wants to compete in biotechnology and attract pharmaceutical investment, it should be thinking at the same time about the quality of its market,' he said.
The Australian biotech and pharmaceutical industry has annual revenue of A$1bn, generating 60% of total biotech revenues in the Asia-Pacific region. Industry association AusBiotech executive director Tony Coulepis said the group's 2,000 members believed the Free Trade Agreement gave Australia an unparalleled chance to play a leadership role in the advanced discovery of medicines.